U.Today - Shortly after the FTX/Alameda ecosystem collapse, European Central Bank (ECB) issued a panic-driven prediction of "irrelevance" that was allegedly coming for all cryptocurrencies. Charles Edwards of Capriole Investments says fiat will be done earlier.
EUR/BTC lost 80% since ECB predicted Bitcoin's irrelevance
The euro price has lost 80% against Bitcoin (BTC) since the European Central Bank (ECB) published its epic document by Ulrich Bindseil and Jürgen Schaaf. Dubbed "Bitcoin's last stand," it was full of scary predictions for Bitcoin (BTC), which was valued at $16,000 back then.Cryptocurrency analyst and investor Charles Edwards mocked ECB by recalling this report in his X account. He admitted that it might have coincided with the top of the EUR price, not Bitcoin's.
Also, the U.S. potentially adding Bitcoin (BTC) to the Federal Reserve might have dramatic effects on euro valuation. At the same time, he is sure that the failure of all fiat currencies is a matter of when, not if.
Unlike ECB predictions, Edwards' own "Bitcoin Energy Value Model" that spelled out $100,000 for Bitcoin (BTC) in five years in March 2020 is unbelievably close to playing out.
This week, Bitcoin (BTC) touched a local top at over $93,000. As such, it needs less than 7% to hit the six-digit milestone set by the analyst.
ECB remains adamantly anti-crypto despite BTC price reaching new highs
As covered by U.Today previously, a November 2022 report by ECB accelerated the post-FTX collapse panic. ECB advisors thought that Bitcoin (BTC) was on borrowed time.Its uber-bullish performance in Q4, 2024, fails to convert ECB speakers. When it started rocketing, the regulator announced that this process would deepen the division of society.
Schaaf, one of the authors of the 2022 report, called to "eliminate" Bitcoin (BTC) as it drains liquidity, while its popularity results in reducing the purchasing power of traditional currencies.